Why your company could use both Disability Insurance and Critical Illness Insurance

critical illness insurance Malden Solutions

Medical emergencies can happen at any time, make sure your employees are covered with critical illness insurance.

Safeguarding your employees’ futures requires disaster planning that Malden can help with thorough disability insurance and critical illness insurance. Accidents happen to everyone, and sometimes they leave life-long effects. Give your employees a chance to protect themselves in every situation.

What is Disability Insurance?

Disability insurance is insurance that kicks in at a disabling event where the employee is unable to work. Short-term disability insurance covers initial short periods, usually about a few weeks or a few months. With long-term disability insurance, the coverage is between two years and ten years. There are monetary benefits through an FSA (flexible spending account).

What is Critical Illness Insurance or Catastrophic Illness Insurance?

Critical illness insurance is different from disability insurance because it covers high-cost and catastrophic events that require treatment like:

  • Stroke
  • Heart Attack
  • Cancer
  • Organ Transplants

Unfortunately, critical illness insurance has very strict coverage policies. A stroke may not be covered unless there is neurological damage for more than a certain amount of time. With cancer, the diagnosis may need to be life-threatening or have spread upon discovery.  

Is Critical Illness Insurance worth the money?

With critical illness insurance, the premium costs are lower than disability insurance. However, the medical event may not receive coverage if it is not catastrophic. Many health insurance policies will not cover high-cost expenses like long-term dialysis or chemotherapy for long periods. Keeping critical illness insurance an optional benefit for employees lets them decide if they’re willing to pay an agency for their healthcare. If someone has several critical illnesses, their premium will be higher than others, but they may be prone to dire circumstances because of their critical illness. 

How to Choose?

You don’t. There are pros and drawbacks to each that the employee should decide. Chronic illnesses are more likely to be covered by disability insurance, but there may be high costs regarding treatment or specialists. Critical illness insurance will only cover specific and debilitating circumstances. Making insurance more accessible and tailored to your company is the best thing any employer can do. Becoming critically ill is never a choice and being prepared for the future is why Malden is here. 

Partner with Malden Solutions Today

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business.  Stay connected with us on Twitter, Facebook, Google+, and Linkedin.

This entry was posted on Friday, August 6th, 2021 at 3:44 pm. Both comments and pings are currently closed.